Canadian Debt

How Bad Is Canadian Debt?

Canadian Debt

If you still have not heard that the Canadian Household Debt is at the highest it has ever been in a very long time. Canadian Household Debt has accumulated to $1.93 trillion from credit card debt to mortgages and other debt. For every dollar earn Canadians owe $1.65. Canadians are struggling every day to make their payments and to pay for the necessities such as groceries and utilities. Are you worried that you have fallen into this as well? We need to bring down our debt by spending on things that we need. How can we achieve that?

 

  • Impulse Shopping: We need to avoid that impulse buying, if you really do not need anything at the shopping mall, you should definitely avoid going there. Going to shopping mall may encourage buying things that you may not need at all. We really to avoid buying things that we really do not need because many times we just end up putting that on the credit card which just than just increases our credit card debt.
  • Groceries: Groceries are a necessity for us to live but some of us are having a difficulty to making this purchase. Before you go grocery shopping you should definitely make a list of what you really need, that way you do not end up buying the stuff you do not need. We also end up buying more than we need and we end up throwing away most of groceries. With groceries we need to set a budget of the items we really need and the quantity of each item that way nothing goes to waste. Do not feel ashamed of using coupons, before you go shopping see if there is any coupons you can use for the items that you need. Also, you could obtain a points card from your grocery who may give you cash back to use at their stores.
  • Budgeting Apps: Most of us use smart phones, there are many great budgeting apps that can help you budget. If you do not have a smart phone, create your own budget. Create a budget by putting your rent/mortgage payment, utilities payment, groceries and see how much you have left at the end of the month. If there is any money that you could save put anything that you can, a little bit can help for that rainy day.

 

We need to find the best ways to help ourselves to control our spending to avoid more debt. If debt is major issue and you feel that you cannot sustain all the debt that has been accumulated, contact LoanOrCredit we can definitely help you find a solution.

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